S. 544 would amend the Internal Revenue Code of 1986 to provide a credit to certain agriculture-related businesses for the cost of protecting certain chemicals.
Detailed Summary
Agricultural Business Security Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a retailer of agricultural products and chemicals or a manufacturer, formulator, or distributor of certain pesticides a business tax credit for 30 percent of costs for or related to the protection of such chemicals or pesticides, including employee security training and background checks, installation of security equipment, and computer network safeguards. Sets a $2 million annual limit on such credit and a per facility limitation of $100,000 (reduced by credits received for the five prior taxable years). Terminates such credit after 2010.
Status of the Legislation
Latest Major Action: 2/12/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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